To suppress the corrosion and erosion wear of dissolvable magnesium alloy ball seats in wellbores, Fe-based amorphous coatings were deposited on dissolvable Mg-RE alloy substrates, and their microstructure, corrosion behavior, and erosion wear behavior were studied. The thickness of Fe-based amorphous coatings on dissolvable Mg-RE alloy substrates can reach 1000 μm without any cracks, and their porosity and amorphous contents are 0.79% and 86.8%, respectively. Although chloride ions will damage the compactness and protective efficacy of passive films, Fe-based amorphous coatings still maintain low corrosion current density (3.31 μA/cm2) and high pitting potential (1 VSCE) in 20 wt% KCl solution. Due to their higher hardness, the erosion wear resistance of Fe-based amorphous coatings is about 4.16 times higher than that of dissolvable Mg-RE alloy substrates when the impact angle is 30°. Moreover, the erosion rates of Fe-based amorphous coatings exhibit a nonlinear relationship with the impact angle, and the erosion rate reaches the highest value when the impact angle is 60°. The erosion wear mechanisms of Fe-based AMCs vary with the impact angles, including cutting, delamination, splat fracture, and deformation wear. This work can provide effective guidance for the corrosion and wear protection of plugging tools made from dissolvable magnesium alloy.